definitions
Theme 3 equations
business decisions and strategies
, 3.1
Business objectives and strategy
, 3.1.1
Corporate objectives
• a) Development of corporate objectives from
mission statement/corporate aims
• b) Critical appraisal of mission
statements/corporate aims
, • Mission Statement – short way for businesses to show their
main intent
Should be purposeful, set out objectives, memorable/inspiring
• Corporate vision – looks to future and where the business
wants to be
• Corporate objectives – medium/long term goals, makes sure
corporate vision is met
• Departmental/functional objectives – divide work into
departments, set objectives to meet corporate objectives
• Objectives hierarchy
1)Aims
2)Mission Statement
3)Corporate Objectives
4)Functional Objectives.
Theme 3 equations
business decisions and strategies
, 3.1
Business objectives and strategy
, 3.1.1
Corporate objectives
• a) Development of corporate objectives from
mission statement/corporate aims
• b) Critical appraisal of mission
statements/corporate aims
, • Mission Statement – short way for businesses to show their
main intent
Should be purposeful, set out objectives, memorable/inspiring
• Corporate vision – looks to future and where the business
wants to be
• Corporate objectives – medium/long term goals, makes sure
corporate vision is met
• Departmental/functional objectives – divide work into
departments, set objectives to meet corporate objectives
• Objectives hierarchy
1)Aims
2)Mission Statement
3)Corporate Objectives
4)Functional Objectives.
